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Journal articles on the topic 'World financial market'
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1
Carrieri, Francesca, Vihang Errunza, and Ked Hogan. "Characterizing World Market Integration through Time." Journal of Financial and Quantitative Analysis 42, no. 4 (December 2007): 915–40. http://dx.doi.org/10.1017/s0022109000003446.
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AbstractInternational asset pricing models suggest that barriers to portfolio flows and availability of market substitutes affect the degree and time variation of world market integration. We use GARCH-in-mean methodology to assess the evolution in market integration for eight emerging markets over the period 1977–2000. Our results suggest that while local risk is still a relevant factor in explaining time variation of emerging market returns, none of the countries appear to be completely segmented. We find that there are substantial crossmarket differences in the degree of integration. The evolution toward more integrated financial markets is apparent although at times we do observe reversals. In addition, we provide clear evidence on the impropriety of directly using correlations of market-wide index returns as a measure of market integration. Finally, financial market development and financial liberalization policies play important roles in integrating emerging markets.
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Evstigneeva, L., and R. Evstigneev. "Metamorphoses of Financial Capital." Voprosy Ekonomiki, no. 8 (August 20, 2013): 106–22. http://dx.doi.org/10.32609/0042-8736-2013-8-106-122.
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Financial capital is considered as a precondition of forming an integral market system. Based on financial capital a vertical market model is taking shape. It includes the following leading markets: strategic markets of financial capital, finance and money markets, markets of physical (cluster) capital, markets of social (consumers) capital. Markets of financial capital build the world reproduction model of synergetic character. Sustainability of the world market is maintained within the framework of the following types of big financial capital systems: cooperation of industrial and banking capital (Hilferding), international banks (Keynes), state monopoly of GDP (well known as far back, as in the USSR period). One can consider this framework as a political form of general equilibrium of the global market. A systemic function of financial capital is gathering power for ensuring endogenous evolution of economy and society on the principles of market self-organization. The authors believe this is the only way out of a deadlock for our economy and society.
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Das, Dilip K. "Globalization in the World of Finance: An Analytical History." Global Economy Journal 6, no. 1 (February 13, 2006): 1850081. http://dx.doi.org/10.2202/1524-5861.1115.
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One of the many definitions of financial globalization is integration of domestic financial system of a country with the global financial markets and institutions. Enabling framework of financial globalization essentially includes liberalization and deregulation of the domestic financial sector as well as liberalization of the capital account. As economies progressively integrate globally, pari passu the financial structures of markets and the world of finance change. Financial globalization cannot be considered a novel phenomenon. Trans-country capital movements are centuries old. The oil shock of 1973 and the collapse of the Bretton Woods system, both of these developments were momentous and were responsible for laying the foundation of the contemporary era of financial globalization. After the collapse of the Bretton Woods system, some middle-income developing economies began to liberalize and open up for greater capital mobility, while keeping an autonomous control over their monetary policy. Advances in IT and computer technology are cited as one of the most important factors driving and supporting financial globalization. Transnational corporations (TNCs) also helped in global financial integration. They expanded their networks by merging with or acquiring other national and international firms. The prime movers in financial globalization are governments, borrowers, investors, and financial institutions. Each one of these market participants propelled economies towards financial integration in a proactive manner. Financial globalization has caused dramatic changes in the structure of national and international capital markets. The most significant change in the capital markets was in the banking system, which went through a process of dis-intermediation. This was a market transformation of fundamental nature. Contagions and crises are the downsides of financial globalization. Economic and financial crises of the 1990s portend to the fact that financial globalization is not a win-win game, and that it can potentially lead to serious disorder and high cost in terms of bank failures, corporate bankruptcies, stock market turbulence, depletion of foreign exchange reserves, currency depreciation and increased fiscal burden. A unique characteristic of globalized financial markets is reversal of capital flows when market perception regarding the creditworthiness of the borrowing entity changes. Cross-country financial flows to the emerging market economies were low, at during the mid-1970s. They increased at a healthy clip during the decades of 1980s and 1990s, peaking in 1997. They suffered a sharp decline after that because of the Asian and Russian financial and economic crises. The composition of external capital underwent a dramatic transformation during this period. Official flows either stagnated or declined. As a result their relative significance in global capital flows dwindled. In their place, private capital flows became the major source of external finance for a good number of emerging market economies. FDI became an important and dependable source of finance for the emerging markets and other middle-income economies during the decade of the 1980s and 1990s. Portfolio investment in stocks and bond markets also increased substantially. Global institutional investors found this channel of investment functional and profitable. Mutual funds, insurance companies, and pension funds channeled large amounts through portfolio investment into the emerging market economies. As financial globalization progressed, presence of international financial intermediaries has expanded considerably. This applies more to international commercial banks than to investment banks, insurance companies and mutual funds. It is incorrect to say that their global expansion has been uniform because this has occurred unevenly. International bond issuance activity by emerging market economies recorded a sharp spurt in 1993. Emerging market economies began using ADRs and GDRs for raising capital from the global capital markets in 1990 in a small way.
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Belousov, S. "World Arms Market." World Economy and International Relations, no. 7 (2010): 91–101. http://dx.doi.org/10.20542/0131-2227-2010-7-91-101.
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In this article, the condition of world arms market, the role and the place of its leaders on it are evaluated. The world arms market, especially in the context of current financial and economical crisis, is exclusively important for the largest economies as a mechanism for their military-industrial complexes stabilization and critical technologies development.
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Ханлар гызы Ибрахимли, Айнур. "World experience in the field of money market formation." SCIENTIFIC WORK 65, no. 04 (April 21, 2021): 130–32. http://dx.doi.org/10.36719/2663-4619/65/130-132.
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The article examines the role of the money market in the local currency in the financial market, analyzes the prerequisites for the formation of the money market and the factors necessary for its development. The study examines both the ambitious policy reforms and the specifics of money market formation in the implementation of financial sector development plans and the solution of specific tasks for the development of money markets, the development of financial markets in developing and bordering countries. The main idea of the study is that the formation of stable and money markets is closely linked with the formation of a monetary policy regime based on a flexible exchange rate and the desire to reach a low and stable level. In other words, reforms aimed only at the development of money market rate policy, should take certain steps mechanisms, using projected interest rates and a relatively flexible exchange to achieve low and stable inflation rates. At the same time, the implementation of such a regime is unlikely to be successful without efforts to create appropriate money markets. Key words: financial system, national economy, money market, money market parameters, interest rate, world experience
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LUTSIV, Pavlo. "THE GLOBAL IMPACTS OF TRANSFORMATION ON WORLD CAPITAL MARKET." WORLD OF FINANCE, no. 4(53) (2017): 89–98. http://dx.doi.org/10.35774/sf2017.04.089.
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Introduction. The general feature of the modern theory of globalization is the interdependence of economies of countries of the world, which is based on the transformation of national economics into an integrated global world economy. Permanent transformations of world economic processes lead to corresponding changes in the distribution and redistribution of capital. Essential growth of amounts and quantities of ІPO-transactions is showing the high efficiency of the principal financial instrument which is IPO-market. Purpose. The investigation of condition of transformation process on international capital market, installation of tendencies in changing of dynamic of the activity on world IPO market. Results. The globalization of financial markets has a revolutionary effect not only forworld financial market, but also for international investors and borrows of capital. The theoretical concept of globalization of financial markets provides of elimination barriers between domestic and international financial markets. The modern world economy is characterized by three tendencies such as new convergence, cyclical interdependence and dissimilarity in distribution. The essence and forms of manifestation ofthe financiaiization ofthe economics are deployed which leads to an increase in the financial depth of the economy. The essence of the international capital market is complemented by the analysis of problems ofthe development of IPO-market. Conclusion. The international capital market is in a condition of constant renewal through the positive influence of globalization processes in the world economy. The consolidation of Western stock exchanges on the IPO-market is continuing, while stock exchanges are expanding in developing countries throughjoint initiatives and closer integration.
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Ragot, Xavier, and Ricardo Pinois. "Public debt and the world financial market." Revue de l'OFCE 164, no. 4 (2019): 165. http://dx.doi.org/10.3917/reof.164.0165.
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Johansson, Anders C. "China's financial market integration with the world." Journal of Chinese Economic and Business Studies 8, no. 3 (August 2010): 293–314. http://dx.doi.org/10.1080/14765284.2010.493642.
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Arestis, Philip, and Elias Karakitsos. "Financial Market Puzzles May Affect World Growth." Challenge 48, no. 6 (November 2005): 95–113. http://dx.doi.org/10.1080/05775132.2005.11034319.
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Rejnuš, O. "The present significance of commodity exchange trading in the conditions of the current world economy ." Agricultural Economics (Zemědělská ekonomika) 52, No. 11 (February 17, 2012): 497–502. http://dx.doi.org/10.17221/5056-agricecon.
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The paper discusses the importance of commodity exchange trading while placing a special emphasis on the increasingly close interconnection between commodity markets and financial instruments markets. The aim of the paper is to prove that at present, commodity markets cannot be seen as strictly separate from markets trading in financial instruments, as there are increasingly close links between the two, which effectively lead to the transfer of financial resources invested in the financial market into the real economy. The paper analyses the most significant ties that already exist between the commodities and financial investment instruments in the financial and capital market, as well as the links that are very likely to come into existence in the near future. In the concluding part, there is a summary of the reasons that will necessarily lead to a further world-wide development of commodity exchange trading and a prediction of the lines along which this development is likely to take place.
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Yousaf, Imran, Shoaib Ali, and Wing-Keung Wong. "Return and Volatility Transmission between World-Leading and Latin American Stock Markets: Portfolio Implications." Journal of Risk and Financial Management 13, no. 7 (July 8, 2020): 148. http://dx.doi.org/10.3390/jrfm13070148.
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This study uses the BEKK-GARCH model to examine the return-and-volatility spillover between the world-leading markets (USA and China) and four emerging Latin American stock markets over the global financial crisis of 2008 and the crash of the Chinese stock market of 2015. Regarding return spillover, our findings reveal a unidirectional return transmission from Mexico to the US stock market during the global financial crisis. During the crash of the Chinese stock market, the return spillover is found to be unidirectional from the US to the Brazil, Chile, Mexico, and Peru stock markets. Moreover, the results indicate a unidirectional return transmission from China to the Brazil, Chile, Mexico, and Peru stock markets during the global financial crisis and the crash of the Chinese stock market. Regarding volatility spillover, the results show the bidirectional volatility transmission between the US and the stock markets of Chile and Mexico during the global financial crisis. During the Chinese crash, the bidirectional volatility transmission is observed between the US and Mexican stock markets. Furthermore, the volatility spillover is unidirectional from China to the Brazil stock market during the global financial crisis. During the Chinese crash, the volatility spillover is bidirectional between the China and Brazil stock markets. Lastly, a portfolio analysis application has been conducted.
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Arkhipova, V. "World Financial System: Globalization or Deglobalization?" World Economy and International Relations 60, no. 5 (2016): 40–49. http://dx.doi.org/10.20542/0131-2227-2016-60-5-40-49.
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The paper investigates the current phases of world financial system’s (WFS) development that was identified on the base of Obstfeld-Taylor index describing international capital movement. It is shown that in order to differentiate the main periods of WFS life-cycle one should investigate the first and the second waves of financial globalization. The respective analysis mainly includes comparison of financial deglobalization/globalization process evidences in the wake of global financial crises. On the one hand, almost all global financial markets (except global currency market) demonstrated downturns and/or sharp slowdowns in overall performance during 2007-2009. For example, global banking demonstrated the “flight home” effect. On the other hand, the author consolidated the analysis of the pre-crisis and 2010-2014 financial data, geographical changes in global credit market, global currency market’s dynamics during 2004-2013, shadow banking and VIX-index trends, initiatives on global financial reforms. This showed that the financial world is not becoming deglobalized in medium-term perspective. Moreover, according to author’s research, financial globalization currently undergoes a deep systemic transformation, including a wider geography of its main driving forces. Still, it is not excluded that deglobalization trend is possible in a long-run perspective because of global financial crisis lasting since 2007, persistence of “contagion effect” and deeply linked multiple financial bubbles in the world financial system, high volatility of financial and some other markets. It is supposed that once started processes of deglobalization can be immediately transferred from financial sphere to the world economy. Finally, author outlines necessary conditions for continuing evolutionary financial globalization process. Acknowledgements. The article was prepared with support of the grant of Russian Fund for Humanities (Project № 15-02-00391 “Russian monetary and budgetary policy during current phase of global economic development”).
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Shuba, O. А. "Leading Trends in the Process of Virtualization of the World Stock Market." Business Inform 1, no. 528 (2022): 67–73. http://dx.doi.org/10.32983/2222-4459-2022-1-67-73.
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The article is aimed at studying the current state and trends in the process of virtualization of the world stock market. The modern stage of virtualization of the world stock market is analyzed, which is marked by the development of existing and the emergence of new electronic financial services and electronic money; increasing the scale of use of electronic payment systems, cashless payment systems and the spread of virtual currencies (cryptocurrencies). Among the main consequences of the process of virtualization of the world stock market, the article determines the consolidation of exchanges, the rapid pace of development of over-the-counter trade; increase in the volume of trade in virtual derivatives in order to obtain speculative profits; broadening of the sphere of application of cryptocurrencies. It is noted that there is a phenomenon of speculative virtualization, the essence of which is to orient financial market participants to profit from price fluctuations in the value of financial assets (stocks, bonds and derivatives). It is also specified that contemporary exchange technologies allow to create exclusive financial instruments, which are essentially virtual capital, which without material grounds forms a tendency to self-growth. Attention is paid to the process of increasing fictitious-speculative capital, which is unmanageable, while existing in the form of stock instruments that in turn exist independently of their own material basis, in a state of independent self-growth. It is concluded that the modern stage of virtualization of the world stock market contains two main aspects: first, the dominance of virtual (digital) infrastructure (trading platforms, fundamentally new consolidated clearing systems); secondly, the growth of virtual speculative derivatives of financial instruments, which is facilitated by the use of IT and innovative software. Among the consequences of virtualization of financial markets, a change in the structure of investors is also considered: if earlier institutional investors were the main participants in the stock markets, then in recent years, thanks to information technology, the number of individuals who now also risk significant financial losses has been growing.
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Shkolnyk, Inna, Serhiy Frolov, Volodymyr Orlov, Viktoriia Dziuba, and Yevgen Balatskyi. "Influence of world stock markets on the development of the stock market in Ukraine." Investment Management and Financial Innovations 18, no. 4 (November 24, 2021): 223–40. http://dx.doi.org/10.21511/imfi.18(4).2021.20.
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Viewing the development of the stock market in Ukraine, the economy, which world financial organizations characterize as small and open, is largely determined by the trends formed by the global stock markets and leading stock exchanges. Therefore, the study aims to analyze Ukraine’s stock market, the world stock market, stock markets in the regions, and to assess their mutual influence. The study uses the data of the World Federation of Exchanges and National Securities and Stock Market Commission (Ukraine) from 2015 to 2020. Stock market performance forecasts are built using triple exponential smoothing. Based on pairwise correlation coefficients, the existence of a significant dependence in the development of the world stock market on the development of the American stock market was determined. Regarding the Ukrainian stock exchanges, only SE “PFTS” demonstrated its dependence on the US stock market. The results of the regression model based on an exponentially smoothed series of trading volumes in all markets showed that variations in the volume of trading on the world stock market are due to the situation on the US stock markets. Trading volume dynamics on Ukrainian stock exchanges such as SE “PFTS” and SE “Perspektiva” is almost 50% determined by the development of stock markets in the American region. Although Ukraine is geographically located in Europe, the results show a lack of significant links and the impacts of stock markets in this region on the major Ukrainian stock exchanges and the stock market as a whole.
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KENETT, DROR Y., MATTHIAS RADDANT, LIOR ZATLAVI, THOMAS LUX, and ESHEL BEN-JACOB. "CORRELATIONS AND DEPENDENCIES IN THE GLOBAL FINANCIAL VILLAGE." International Journal of Modern Physics: Conference Series 16 (January 2012): 13–28. http://dx.doi.org/10.1142/s201019451200774x.
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The high degree of coupling between global financial markets has made the financial village prone to systemic collapses. Here we present a new methodology to assess and quantify inter-market relations. The approach is based on meta-correlations (correlations between the intra-market correlations), and a Dependency Network analysis approach. We investigated the relations between six important world markets — U.S., U.K., Germany, Japan, China and India from January 2000 until December 2010. Our findings show that while the developed Western markets (U.S., U.K., Germany), are highly correlated, the inter-dependencies between these markets and the Eastern markets (India and China) are very volatile and with noticeable maxima at times of global world events. Finally, using the Dependency network approach, we quantify the flow of information between the different markets, and how markets affect each other. We observe that German and U.K. stocks show a large amount of coupling, while other markets are more segmented. These and additional reported findings illustrate that this methodological framework provides a way to quantify interdependencies in the global market and their evolvement, to evaluate the world financial network, and quantify changes in inter-market relations. Such changes can be used as precursors to the agitation of the global financial village.
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Vovchak, O., A. Kravchenko, and T. Andreykiv. "DIGITAL IMPERATIVES FOR THE DEVELOPMENT OF THE FINANCIAL MARKET OF THE NATIONAL AND WORLD VECTOR." Financial and credit activity problems of theory and practice 5, no. 40 (November 8, 2021): 365–77. http://dx.doi.org/10.18371/fcaptp.v5i40.245163.
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Аbstract. Trends in the modern financial market are characterized by new challenges of the financial environment and the impact of digital transformation, which form abnormal areas of development. Defining trends, digital models, determinants and technologies of the financial market has become an urgent necessity. The object of the study is the trends in the Ukrainian financial market and global markets of financial derivatives, Forex, ОТС markets group under digital transformation. For this purpose, we have applied the methods of nonlinear dynamics, time series, technical and fundamental analysis, modeling, forecasting, market divergence, fluctuations and behaviorism. The study of the financial market has identified: the dominant trend in digital imperatives and digital technologies of the financial space; the cyclic and behavioristic development of the Ukrainian financial market; the growth in actualization of activities of Ukrainian financial institutions, which is associated with the alternative parabanking services; higher growth rates (3,3 units) of exchange transactions with precious metals, the dependence of the dynamics of currency on the impact of the global digital imperatives; the growth in OTC derivatives trades (the rate of growth of 1.1 units). Determinants of trends financial market are: financial and economic policy, digitalization of society, force majeure. The study of forecast patterns of changes in trends has enabled to determine the economic and mathematical model for calculating the index of forecasting the price of a digital financial asset and income from a transaction with cryptocurrency. A close correlation-regressive relationship (linear R2 = 0.6361, exponential R2 = 0.6948, power R2 = 0.7142) of the cryptocurrency exchange rate from the trading interest is determined (the elasticity coefficient is 2.7 units). Keywords: financial indicators, determinants, financial assets, derivatives, patterns, digital financial technologies, forecasting, Forex, OTC. JEL Classification G12, G13, G17 Formulas: 3; fig.: 7; tabl.: 3; bibl.: 16.
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Derevianko, B. A. "EFFECT OF THE GLOBAL COVID-19 PANDEMIC ON THE FUNCTIONING OF CHINA'S FINANCIAL MARKETS AS COMPONENTS OF THE GLOBAL FINANCIAL MARKET." SOFT MEASUREMENTS AND COMPUTING 4, no. 53 (2022): 47–55. http://dx.doi.org/10.36871/2618-9976.2022.04.005.
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As a result of the restrictive and stimulating measures imposed by the Chinese government, the national economy almost completely recovered in the second quarter of 2020. Nevertheless, some indicators indicate the possible instability of the situation and potential mediumand longterm effects on various aspects of China's economic life. At the moment, the country has been operating for more than two years under the conditions of the spread of the pandemic and strict comprehensive restrictive measures. The article describes the impact of the global pandemic and its economic consequences on the functioning of the financial market in China, its recovery after the global economic shock, and new trends in the development of various segments of the financial market in the postpandemic world.
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Krawczyk-Sawicka, Anna. "Integration of the Financial Market EU after the Financial Crisis." Central European Review of Economics & Finance 27, no. 5 (October 31, 2018): 67–78. http://dx.doi.org/10.24136/ceref.2018.027.
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The EU integration and the creation of the so-called European single financial market requires creation of institutional solutions corresponding to the integrated structure. At the moment, we are dealing with globalisation of financial markets, and thus with a growth in their integration. However, full integration of the financial system, or the lack thereof, will be only achieved when European states overcome the still lasting financial crisis and its effects in the form of recession in most EU countries. The purpose of this article is to present the situation concerning the integration of financial markets, as illustrated with the example of countries belonging to the EU, with emphasis on the situation on the Polish financial market after the deepest and the most severe financial crisis for the world economies, namely after 2008–2009 as compared with the period preceding the financial crisis.
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ZUMBACH, GILLES O., MICHEL M. DACOROGNA, JØRGEN L. OLSEN, and RICHARD B. OLSEN. "MEASURING SHOCK IN FINANCIAL MARKETS." International Journal of Theoretical and Applied Finance 03, no. 03 (July 2000): 347–55. http://dx.doi.org/10.1142/s0219024900000188.
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Analogous to the Richter scale for earthquakes, we introduce the Scale of Market Shocks (SMS), an "event" scale to quantify the size of shocks in financial markets. It is based on price volatilities and computed by integrating volatilities over time horizons ranging from 1 hour to 42 days. The SMS is computed using quality high frequency market data and can be constructed for any market. We compute the SMS for the foreign exchange market. For two major FX rates, we study the relation between SMS peaks and major "world events". We measure also the correlation between the Scale of Market Shocks index and the size of the subsequent price movements and show a high correlation for short time intervals.
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Cassese, Gianluca. "Complete and competitive financial markets in a complex world." Finance and Stochastics 25, no. 4 (September 17, 2021): 659–88. http://dx.doi.org/10.1007/s00780-021-00463-6.
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AbstractWe investigate the possibility of completing financial markets in a model with no exogenous probability measure, with market imperfections and with an arbitrary sample space. We also consider whether such an extension may be possible in a competitive environment. Our conclusions highlight the economic role of complexity.
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Ulyukaev, A., and E. Danilova. "Russian Banking Sector under World Financial Market Uncertainty: Problems and Prospects." Voprosy Ekonomiki, no. 3 (March 20, 2008): 4–19. http://dx.doi.org/10.32609/0042-8736-2008-3-4-19.
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The authors point out that the local market crisis - on the USA substandard loan market - has led to the uncertainty of the world financial market. It has caused the growing demand for liquidity in the framework of the world financial system. The Russian banking sector seems to be more stable under negative changes than banking systems of other emerging markets. At the same time one can assume that the crisis will become the factor of qualitative shift in the character of the Russian banking sector development - the shift from impetuous to more balanced growth.
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Hardy, Matthew, David Ledure, Paul Bertrand, and Michel van der Breggen. "Financial Transactions in Today’s World: Observations from a Transfer Pricing Perspective." Intertax 38, Issue 6/7 (June 1, 2010): 350–58. http://dx.doi.org/10.54648/taxi2010038.
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This article provides an overview of some of the ways in which the recent financial and economic crisis has impacted the world’s financial markets and the financial transactions that take place within those markets. The authors seek to explore the potential impact of significant shifts in market conditions (and the behaviour of market participants) upon financial transactions between related parties. This article will highlight potential transfer pricing issues relating to three broad categories of related party financial transactions: inter-company loans, cash pools, and guarantees. Given the increased scrutiny of tax authorities in this area, it is becoming more and more important for tax practitioners to be especially vigilant in this area. Although the transfer pricing of financial transactions may pose some administrative challenges, it may also provide opportunities that can be realized by the proactive taxpayer with the right planning, implementation, and monitoring processes.
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Liu, Yang, Xueqing Yang, and Mei Wang. "Global Transmission of Returns among Financial, Traditional Energy, Renewable Energy and Carbon Markets: New Evidence." Energies 14, no. 21 (November 3, 2021): 7286. http://dx.doi.org/10.3390/en14217286.
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Connections to world markets facilitate local markets developments to support more efficient capital allocation and greater investment and growth opportunities. Under the framework of cross-market rebalancing theory, in this study, we aim to systematically examine the market connections among world financial, energy, renewable energy and European carbon markets by measuring the return spillovers from 2008 to 2021. We find that the renewable energy market is more closely connected to the world financial and energy markets in the sense of the return transmission, while the carbon market is less connected to them. However, due to improved market regulations and determinations related to fighting climate change, the connections between the carbon market and other markets have gradually intensified. Plotting the return spillover indexes, we observe that strong return spillovers from the renewable energy market to other markets occurred when large investment plans were announced. Regarding the carbon market, regulation changes introduced by the EU Commission to improve and stabilize market environment induced intensified return transmission from carbon market to other markets. Another interesting finding is that the highly intensified return transmission among markets due to the COVID-19 crisis started to loosen when COVAX published the first interim distribution forecast on 3 February 2021.
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Platen, Eckhard, and Rolando Rebolledo. "Principles for modelling financial markets." Journal of Applied Probability 33, no. 3 (September 1996): 601–13. http://dx.doi.org/10.2307/3215342.
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The paper introduces an approach focused towards the modelling of dynamics of financial markets. It is based on the three principles of market clearing, exclusion of instantaneous arbitrage and minimization of increase of arbitrage information. The last principle is equivalent to the minimization of the difference between the risk neutral and the real world probability measures. The application of these principles allows us to identify various market parameters, e.g. the risk-free rate of return. The approach is demonstrated on a simple financial market model, for which the dynamics of a virtual risk-free rate of return can be explicitly computed.
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Platen, Eckhard, and Rolando Rebolledo. "Principles for modelling financial markets." Journal of Applied Probability 33, no. 03 (September 1996): 601–13. http://dx.doi.org/10.1017/s002190020010004x.
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The paper introduces an approach focused towards the modelling of dynamics of financial markets. It is based on the three principles of market clearing, exclusion of instantaneous arbitrage and minimization of increase of arbitrage information. The last principle is equivalent to the minimization of the difference between the risk neutral and the real world probability measures. The application of these principles allows us to identify various market parameters, e.g. the risk-free rate of return. The approach is demonstrated on a simple financial market model, for which the dynamics of a virtual risk-free rate of return can be explicitly computed.
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Ivanov, N. "World Crisis and Labor Market." World Economy and International Relations, no. 11 (2011): 3–17. http://dx.doi.org/10.20542/0131-2227-2011-11-3-17.
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The article deals with the problems of labor market functioning under conditions of global financial and economic crisis. Extensive statistical material is analyzed. The focus is made on identifying the principal specifics of the crisis in terms of such socio-economic parameters of reproduction as employment, unemployment, structure of supply and demand in the labor market, prospects for innovative development, anti-crisis activities of governmental institutions.
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Chovgan, N. I., and O. S. Akupiyan. "Tools for Investing in the “Green” Economy: World Experience and Prospects in Russia." Economy of agricultural and processing enterprises, no. 11 (2020): 46–50. http://dx.doi.org/10.31442/0235-2494-2020-0-11-46-50.
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The development of the modern capital market and innovative technologies, including in the financial sector, creates the need to expand the research areas of the reproduction process and individual mechanisms that support it. Financial institutions are constantly required participants in responsible financing. Investors’ expectations regarding investments in environmental production and technologies reorient capital flows to these areas, and schemes for attracting financial resources and distributing risks in the process of implementing the principles of sustainable development are considered as unified. The article analyzes transformations and reviews the existing experience of forming appropriate mechanisms, justifies the functioning of the most effective ones. Among the investment and financial mechanisms of the “green” economy, the most important are budget investment mechanisms and financial market mechanisms. The mechanisms of the stock, credit and insurance markets are identified as components of the financial market mechanisms.
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Bondarenko, L., N. Moroz, R. Zhelizniak, and O. Bonetskyy. "FINTECH MARKET DEVELOPMENT IN THE WORLD AND IN UKRAINE." Financial and credit activity problems of theory and practice 6, no. 41 (January 10, 2022): 121–27. http://dx.doi.org/10.18371/fcaptp.v6i41.251410.
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Abstract. The trends of fintech development in the world and in Ukraine have been explored in the article. The COVID-19 pandemic has spurred accelerated financial innovation development and increase of investment in this area. Fintech’s payment sector has the highest investment activity and investors’ interest in such sectors as cybersecurity, regtech, cryptocurrency and blockchain is growing. Investors prefer US, UK, and German markets, as well as already developed, sustainable businesses. These investors’ interests and the concentration of investments are projected to continue in the coming years. Ukraine is characterized by a low level of development of financial technologies, but there has been an increase in investment activity in fintech, particularly in 2020 investments were increased in the early stages of business development. The development of fintech in Ukraine is expected to accelerate due to the recent positive changes that have taken place in this direction: a new law on financial monitoring has been enacted, allowing remote identification and verification of clients; the Law of Ukraine «On Virtual Assets» has been enacted, which will allow to regulate the process of circulation of cryptocurrency and development of the cryptosphere; the NBU has became the regulator of financial institutions and creating equal conditions for banking and non-banking institutions to operate on the market; the Fintech Development Strategy 2025 has been developed to stimulate innovation, improve the availability and quality of financial services, and create a strong fintech ecosystem; the Ukrainian Startup Fund has been established to promote the creation and development of technological startups. The following directions for further development of fintech in Ukraine have been defined: improving financial and digital literacy; increasing the availability and safety of non-cash transactions; developing the infrastructure of the fintech ecosystem; integration of the national fintech ecosystem into the global fintech ecosystem; accretion of the fintech market investment potential; financial services sector digitalization. It is necessary to introduce modern transparent methods of regulating the fintech market in order to stimulate financial innovation projects and consumer protection, to stimulate interaction of fintech companies and banks, other financial institutions towards the development and diffusion of financial innovations. Keywords: fintech, investments, innovations, fintech market, fintech companies. JEL Classification G20, G24 Formulas: 0; fig.: 4; tabl.: 0; bibl.: 13.
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Nimani, Artan, Shpetim Rezniqi, Valbona Zeqiraj, and Nevruz Zogu. "Global Crisis Financial Policies." European Journal of Social Sciences Education and Research 3, no. 1 (April 30, 2015): 92. http://dx.doi.org/10.26417/ejser.v3i1.p92-98.
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The current crisis has swept the world with special emphasis, most developed countries, those countries which have most gross -product world and you have a high level of living. Even those who are not experts can describe the consequences of the crisis to see the reality that is seen, but how far will it go this crisis is impossible to predict. Even the biggest experts have conjecture and large divergence, but agree on one thing:- The devastating effects of this crisis will be more severe than ever before and can not be predicted. Long time, the world was dominated economic theory of free market laws. With the belief that the market is the regulator of all economic problems. The market, as river water will flow to find the best and will find the necessary solution best. Therefore much less state market barriers, less state intervention and market itself is an economic self regulation.
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Oluganna, Eunice, Tajudeen Lawal, and Daniya Adeiza Abdulazeez. "EFFECT OF FINANCIAL DEVELOPMENT ON FINANCIAL INNOVATION IN NIGERIA." JURNAL AKUNTANSI DAN AUDITING 15, no. 2 (October 6, 2019): 150–64. http://dx.doi.org/10.14710/jaa.15.2.150-164.
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Financial sector is crucial for the development of a well-functioning market as it facilitate capitalinflows, mobilize savings for productive investment and facilitates the conduct and growth of aneconomy in the world. Despite the importance of financial sector development in Nigeria, financialinstitution operating in financial market were confronted with drastic changes where by old waysof doing business were no longer profitable and sustainable and unable to acquire fund with theirtraditional financial instruments. Against this background, the study investigated the effect offinancial sector development on financial innovation in Nigeria. The study employed secondarydata obtained from central bank of Nigeria statistical bulletin and World Bank database between2011 and 2017. The data obtained was subjected to system General Method of Analysis (GMM)estimator. The study concluded that upward trend of process innovation significantly influence thein depth of finance. The study recommends policy makers should design policies which willpromote and enhance the relationship between financial innovation and financial development inother to increase the supply and provision of financial service.
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Маnuylov, K. E. "FINANCIAL MARKET SPECULATIVE TRANSACTIONS." MGIMO Review of International Relations, no. 6(33) (December 28, 2013): 141–48. http://dx.doi.org/10.24833/2071-8160-2013-6-33-141-148.
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The article highlights the transformation of financial market, which determines its insulation as an independent economy sector. The tendency was first analyzed in late XIX century and has been developing since then, resulting in dissociation of real and financial sectors. Due to uncertainty traders lack decision guidelines, as speculative transactions do not imply property management. As a result, their decisions are based on expectations and market value losses any connection to real sector performance. Financial derivatives development through late XX century has brought financial market independence to a new level and inflation of the sector to values, exceeding world GDP. Stock market has provided the basis for property and management separation, and derivatives, in turn, separate returns from property and risk from asset. As risk valuation turns out to be the measure of market expectations, it is sure to affect the basic asset prices even more than underlying real capital. The imbalance is believed to have been one of the determinants of the modern financial and economic crisis. Financial market has evidently transformed to a casino to a greater extent, than Keynes identified.
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Abuselidze, George, Olga Mohylevska, Nina Merezhko, Nadiia Reznik, and Anna Slobodianyk. "Risks of Traders on the World Stock Market on the Example of Ukraine." SHS Web of Conferences 67 (2019): 06001. http://dx.doi.org/10.1051/shsconf/20196706001.
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The article reveals the essence and features of the development of the stock market in Ukraine. It was established that the vigorous activity of countries in the world financial markets means that they also face a risk of global financial turmoil (the so-called “domino effect”). It is determined that the impact of global financial instability on the country depends on the openness of its economy that will lead to significant external “shocks”. The possibility of providing effective influence on domestic stock market activity with taking into account the changing world situation, development of perfect trading strategies for each participant is substantiated. The conducted analysis of the world market conditions of stock markets in recent years has made it possible to assess the real risks for new participants in the stock market and become the basis for the development of an appropriate effective trading strategy. The practical significance of the results is that they allow for a measurable approach to assessing the existing risk when choosing one or another trading strategy to move to the world stock market.
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Vapa-Tankosić, Jelena, and Dejan Vukosavljević. "The analysis of the structured financial transactions as alternative sources of financing." Pravo - teorija i praksa 38, no. 1 (2021): 13–24. http://dx.doi.org/10.5937/ptp2101013v.
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It is undeniable that global financial institutions are facing the major changes taken place during the last few years. Starting with the continuous tightening of both legal and financial regulations, preparation for the introduction of Basel 3, consolidation of the industry itself, the introduction of new information and communication technologies, enhanced safeguards to prevent money laundering, globalization of financial functions and capital markets, the traditional structure of the financial services industry has suffered many changes. Technological changes have reduced the transaction costs and accelerated the transfer of knowledge between the countries all over the world. There have emerged the modern forms of financial instruments crossing the barriers of national markets. Complex financial transactions unite all participants in the global market and, at the same time, they form the relative prices of all goods, services and capital. This paper aims to analyze the mechanism of realization of the structured financial transactions of banks and specialized institutions as alternative sources of financing in the global financial market.
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Badvan, N. L., O. S. Gasanov, and A. N. Kuz'minov. "Cognitive modeling of factors of financial market stability of Russia." Digest Finance 25, no. 3 (September 29, 2020): 287–307. http://dx.doi.org/10.24891/df.25.3.287.
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Subject. The paper highlights the financial market stability. It is one of the most important components of economic growth ensuring. Objectives. The article is to draw up a cognitive map of the Russian financial market. It also aims at modeling changes in its segments and finding the main stability factors of the national financial market. Methods. The research involves methods of cognitive analysis and cognitive modeling. Results. Cumulative effect of all segments of the financial market forms its stability. The Russian financial market is most sensitive to changes in the monetary and currency markets, corporate and government borrowing market. There is a significant relationship between the market liquidity and its stability. It is necessary to form free resources storage in ruble assets. The dependence of the domestic market on international financial markets remains despite sanctions restrictions. Conclusions and Relevance. Achieving financial stability requires constant attention to liquidity in the market and predictability of the national currency. The priority direction of the state financial policy is establishment of relations between the leading players in the world financial markets and international financial institutions. Experts can apply the results of this work in the financial and monetary policy formation.
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Abuselidze, George, Nadiia Reznik, Anna Slobodianyk, and Victoria Prokhorova. "Global Financial Derivatives Market Development and Trading on the Example of Ukraine." SHS Web of Conferences 74 (2020): 05001. http://dx.doi.org/10.1051/shsconf/20207405001.
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Stock market of financial derivatives in Ukraine still develops. There is important to find the way how to use world experience for the domestic implementation. First of all there is a need to improve of legislative base to ensure economic and financial stability. The next way of integration process for domestic stock market of financial derivatives is stock consolidation. Before implementation of foreign experience on the stock market of Ukraine it is important to take into account of all risks which are connected with this process. This research shows appropriate steps for integration of Ukrainian stock market of financial derivatives into global scale. The article identifies the economic essence of derivatives and their types within market economy. Key trends in global derivatives trading are highlighted. Current state and organizational measures of derivatives market development in Ukraine are discussed. Price risk has become the main feature of contemporary commodity and financial markets. Globalization of world commodity and financial markets leads to rapid changes and uncertain business conditions. Under current circumstances, derivatives market provides efficient ways for price risk hedging within market economy. That is why it is important to take into consideration the contemporary state and perspectives of derivatives market in Ukraine.
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TURSOY, Turgut, and Niyazi BERK. "Discussion of Financial Integration at the Global Market Era." Journal of Advanced Studies in Finance 11, no. 2 (December 22, 2020): 69. http://dx.doi.org/10.14505//jasf.v11.2(22).01.
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This paper purpose is to discuss the latest troubling episode and remind the most critical event again at the world is the integration. First, the last attempt by the countries had been discussing and pronoun that the free market and its extensions are the most prominent phenomena around the world that market participants' perceptions are determined the equilibria prices freely. All the development into the markets witnesses that free market dynamics and the creation of the single global market is the most dominant factor to create a tremendous stimulus behind economic growth. This paper consequently supporting the view that financial integration is providing the necessary conditions to risk-sharing and capital flows to stimulus the economic growth with the expected level at global.
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Zhu, Sha. "The Spillover and Transmission of Chinese Financial Markets Risk." International Business Research 11, no. 8 (July 19, 2018): 66. http://dx.doi.org/10.5539/ibr.v11n8p66.
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After the 2008 financial crisis, the whole world financial markets became more fluctuates, the same to China also. It is necessary to pay great attention to high volatility problem in Chinese market, and also the uncertainty problem, risk accumulation and spillover effect come along with it. This paper calculates stock market return and builds financial stress index to explore the risk spillover effect. Empirical results show that the Chinese financial market have higher volatility than other countries. The Chinese stock market had higher dynamic market co-movement with international financial markets after 2008 financial crisis. What’s more, this article also finds the financial risk spreads between China and US. When the US financial stress index increases, China's financial stress index experiences a larger increase. However, after the change in China's financial stress index, the US financial stress index has no obvious trend of change. So we should pay more attention to periods of Chinese financial market risk and its spillover.
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Fauziah, Fauziah. "FINANCIAL MARKET INTEGRATION IN ASIA: EVIDENCE FROM STOCK AND BOND MARKET." JEMA: Jurnal Ilmiah Bidang Akuntansi dan Manajemen 15, no. 01 (January 16, 2018): 27. http://dx.doi.org/10.31106/jema.v15i01.777.
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Financial integration especially in Asian financial market has been a defining feature of the world economy and has become a central issue in international finance for the past decades. However, there is limited empirical studies on the integration of Asian bond market. Therefore, this study aims to examine the financial market integration in Asia (Stock and Bond Market). The sample of this study is the major of Asian financial markets including Japan, China, Hong Kong, Singapore and South Korea during January 2009 – December 2016. Correlation, co-integration and causality tests used in this study to investigate the financial markets integrations. This study shows that both stock and bond returns are co-integrated and indicate as a common stochastic trends. Stock market integration appears to be much stronger compared to the less developed. This result is very important for investors to assess potential gains from portfolio diversification, and for a financial policymaker to manage market policies effectively and handle contagion risks that might be caused by international shock transmissions.
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Yousaf, Imran, Shoaib Ali, and Wing-Keung Wong. "An Empirical Analysis of the Volatility Spillover Effect between World-Leading and the Asian Stock Markets: Implications for Portfolio Management." Journal of Risk and Financial Management 13, no. 10 (September 25, 2020): 226. http://dx.doi.org/10.3390/jrfm13100226.
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This study employs the Vector Autoregressive-Generalized Autoregressive Conditional Heteroskedasticity (VAR-AGARCH) model to examine both return and volatility spillovers from the USA (developed) and China (Emerging) towards eight emerging Asian stock markets during the full sample period, the US financial crisis, and the Chinese Stock market crash. We also calculate the optimal weights and hedge ratios for the stock portfolios. Our results reveal that both return and volatility transmissions vary across the pairs of stock markets and the financial crises. More specifically, return spillover was observed from the US and China to the Asian stock markets during the US financial crisis and the Chinese stock market crash, and the volatility was transmitted from the USA to the majority of the Asian stock markets during the Chinese stock market crash. Additionally, volatility was transmitted from China to the majority of the Asian stock markets during the US financial crisis. The weights of American stocks in the Asia-US portfolios were found to be higher during the Chinese stock market crash than in the US financial crisis. For the majority of the Asia-China portfolios, the optimal weights of the Chinese stocks were almost equal during the Chinese stock market crash and the US financial crisis. Regarding hedge ratios, fewer US stocks were required to minimize the risk for Asian stock investors during the US financial crisis. In contrast, fewer Chinese stocks were needed to minimize the risk for Asian stock investors during the Chinese stock market crash. This study provides useful information to institutional investors, portfolio managers, and policymakers regarding optimal asset allocation and risk management.
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Ksenzhuk, Oleksandr. "TRENDS OF FUNCTIONING OF THE PRECIOUS METALS WORLD MARKET IN THE CONDITIONS OF GLOBAL FINANCIAL INSTABILITY." Economic Analysis, no. 27(4) (2017): 289–98. http://dx.doi.org/10.35774/econa2017.04.289.
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Introduction. Modern trends of global economic development point to unresolved problems of financial and trading activity. International organizations’ investigations confirm the existence of significant threats to increase global financial stability. Under these conditions, issues of ensuring the functioning of the world market of precious metals become actual. Purpose. The article aims to identify current trends in the functioning of the gold market and other components of the precious metals world market in the conditions of global financial instability. Methods (methodology). In the course of the study, we have used a systematic approach. The following methods have been applied: method of analysis, method of synthesis, method of generalization, method of graphical analysis, methods of econometric modelling, including correlation analysis. Results. The main threats to global financial instability have been identified. It has been argued the influence of global financial instability on the development of the world market of precious metals. The main tendencies of functioning of the world gold market have been revealed. Its market conditions have been analysed. The features of demand and supply in silver and platinum markets have been determined. The basic types of shadow operations on the market of precious metals and their negative consequences have been found out.
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Savchenko, M., and L. Tsybrii. "Financial centers of new industrial countries in the world financial architecture." Galic'kij ekonomičnij visnik 70, no. 3 (2021): 188–99. http://dx.doi.org/10.33108/galicianvisnyk_tntu2021.03.188.
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The views of scholars concerning the definition of «international financial center», which makes it possible to formulate the definition of international financial center essence are summarized in this paper. The factors influencing the formation of international financial center incluing: stable financial system, stable currency, exchange rate stability, political and social stability in the country, favorable geographical location, developed financial infrastructure, open economy for free movement of capital, etc. are identified. The role of international financial centers in increasing their global competitiveness, achieving higher levels of economic growth, prosperity and social progress is substantiated. The classification of international financial centers is investigated. The place of the Hong Kong Financial Center in the financial architecture of the world is determined. The main parameters of the current state of the Hong Kong Financial Center: the USD / HKD exchange rate, the effective exchange rate index weighted by trade, the Hang Seng index, market capitalization, etc. are diagnosed. SWOT-analysis of the Hong Kong Financia Cente is carried out in order to identify its strengths, weaknesses, opportunities and threats. Based on the results of the problem of its functioning, a set of measures to improve competitiveness is also proposed. Hong Kong has favorable macroeconomic and institutional environment, qualified personnel, and is the fifth most competitive international financial center in the world. However, there is a low degree of international element in the domestic stock market, there is also risk of losing the status of «international financial center», other regional economies that have greater access to international investment opportunities in the stock market, such as Singapore, may be a threat. The financial center should focus on overcoming the effects of the coronavirus, promote the share of foreign investment in the economy, take a set of measures to overcome the country's recession, review legal, regulatory and tax requirements to promote development, improve quality of life and attractiveness, and become Asia's leading currency hub.
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Xi, Dingli. "Financial Market Development and Income Distribution Inequality in the Emerging Markets." Asian Business Research 4, no. 3 (October 8, 2019): 6. http://dx.doi.org/10.20849/abr.v4i3.653.
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The disruptive effects of the subprime financial crisis have raised new global concerns toward the increasing income distribution inequality. Nowadays, it has become one of the mainstays of public and scientific discourse around the world. Theoretical financial Kuznets curve suggests that the relationship between financial market development and income distribution inequality follows an inverted U-shaped pattern. However, current literature failed to support this hypothesis. The expansion of the financial market truly provides more relative opportunities for the poor which benefits the equalization. But those advantage opportunities are likely to be captured by some specific groups instead of all population. The majority literature on this academic field focus on developed countries with cross-sectional and panel data analysis that providing controversial results. They emphasize the financial development as a consequence of economic growth without deep analysis of the financial market development as an independent entity in determining the inequality. This study proposes to use a more comprehensive and rigorous method to identify the direct relationship between financial market development and income distribution inequality in 10 most typical emerging markets. Both short-run and long-run impacts of financial market development on income distribution inequality are examined and defined by utilizing time-series data and error-correction modelling technique. By providing a better understanding of the relationship, the findings of the research would make contributions to financial market policy adjustments in developing countries.
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BURLACHKOV, Vladimir K. "Competition of the world leading currencies: Features of the current stage." Economic Analysis: Theory and Practice 20, no. 11 (November 29, 2021): 2074–88. http://dx.doi.org/10.24891/ea.20.11.2074.
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Subject. The article analyzes the competition of the world leading currencies in the global economy, specifics of the current stage, trends in the role of particular currencies in the global market. Objectives. The purpose is to review the current positions of the U.S. Dollar, Euro and Yuan in the global financial markets, assess prospects for maintaining the leading role of the U.S. Dollar, development trends in the position of Euro and Yuan. Methods. I applied the content analysis of available sources, provide a historical overview of issues under consideration, scrutinized the estimates of financial analysts. Results. The paper unveils reasons for increased competition of the leading currencies (U.S. Dollar, Euro, Yuan) in the global foreign exchange market, which include an increase in the scale of payment transactions in the global financial and commodity markets. It also reveals trends in the use of particular currencies in foreign trade and financial transactions, evaluates prospects for the use of specific world currencies in the global economy. Conclusions. At present, U.S. Dollar maintains its leading positions. However, in the future, an increase in the use of Euro- and Yuan-denominated transactions should be expected in the commodity and financial markets due to enlarged presence of Chinese companies in the global economy. Further development of European integration can ensure the expansion of the single European currency in the global financial market. The share of Yuan in foreign exchange reserves of central banks tends to increase. Private investors' demand for Yuan is also expected to grow.
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Shuba, O. А. "Features of Ukraine’s Stock Market Integration Into the World Stock Market." Business Inform 4, no. 519 (2021): 183–89. http://dx.doi.org/10.32983/2222-4459-2021-4-183-189.
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The article is aimed at examining the current state and peculiarities of integration of Ukraine’s stock market into the world stock market. The article analyzes the current state of the stock market of Ukraine. It is defined that according to the criterion of «capitalization of the stock market/GDP», Ukraine’s stock market can be characterized as underestimated and having the potential for growth. The tendency to reduce the number of professional stock market participants and the gradual consolidation of securities trading in two stock exchanges was noted: «PFTS» and «Perspektyva». Most operations in Ukraine’s stock market take place in the secondary market. It is recognized that the stock market in our country is practically not used by issuing enterprises to attract financial resources. As for the issuers, most of them are represented by the so-called «blue chips». Among the extant problems of Ukraine’s stock market, low liquidity of securities was noted, which remains so due to the insider nature of the stock market. In addition, the phenomenon of price manipulation is present. But, despite the existing problems, the process of integration of the Ukrainian stock market into the world stock market continues. Thus, joining the process of virtualization of the world financial system, operations in the digital environment are gradually being transferred in Ukraine and information technologies are quickly introduced into the operations of stock exchanges. The Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine on Simplifying Investment Attraction and Introduction of New Financial Instruments» adopted in 2021 took into account the requirements of the modern world stock market related to the transformation of existing forms of securities and the emergence of their new types. This law provides for the construction of a new financial infrastructure in Ukraine. It is concluded that the leading role in the process of integration of Ukraine’s stock market into the world stock market belongs to the State, which, stimulating the development of the national stock market and establishing cooperation with international organizations operating in this sphere, regulates this process.
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Yano, Makoto. "The 2008 World Financial Crisis and Market Quality Theory." Asian Economic Papers 9, no. 3 (October 2010): 174–94. http://dx.doi.org/10.1162/asep_a_00036.
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The present study demonstrates that the current world financial crisis is attributable to, among other things, the failure to coordinate Japanese and U.S. monetary policies in 2004, allowing Japan to abandon its currency intervention while pegging its interest rate at zero at the same time that the United States departed from its low interest rate policy. At a deeper level, these factors can be explained by the productivity increases resulting from the internet technology revolution, which lowered market quality by rendering obsolete the market infrastructure built in the latter half of the twentieth century.
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Pain, Nigel. "Commentary: World Financial Market Turmoil and Global Economic Prospects." National Institute Economic Review 163 (January 1998): 7–8. http://dx.doi.org/10.1177/002795019816300104.
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Barrell, Ray. "Risk and Equity Market Weakness: Their Implications for the World Economy." National Institute Economic Review 178 (October 2001): 9–13. http://dx.doi.org/10.1177/002795010117800103.
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The terrorist attack on New York on 11 September 2001 caused considerable disruption to the US economy, and especially to the US financial markets. The initial reaction of the financial markets was to increase the discount factor on future profits and reduce future profit projections, and hence stock market valuations fell markedly, as can be seen from charts 1 and 2. This fall has been largely reversed since the attack, but markets have in general continued their decline from their peaks a year or so ago. Falls have been particularly precipitate since July 2001, with the German and French stock market indices falling by 20 per cent over the last three months, whilst the Canadian markets have fallen even more. Stock market falls of the scale we have seen since July are almost bound to impact on the level of economic activity in the major economies. They are likely to reduce the rate of growth of the world economy over the medium term as well as change the structure of saving and investment.
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(Pal), Suparna Nandy, and Arup Kr Chattopadhyay. "‘Indian Stock Market Volatility’: A Study of Inter-linkages and Spillover Effects." Journal of Emerging Market Finance 18, no. 2_suppl (June 21, 2019): S183—S212. http://dx.doi.org/10.1177/0972652719846321.
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The article attempts to examine interdependence between Indian stock market and other domestic financial markets, namely, foreign exchange market, bullion market, money market, and also Foreign Institutional Investor (FII) trade and foreign stock markets comprising one regional stock market represented by Nikkei of Japan and other stock market for the rest of the world represented by Standard & Poor’s (S&P) 500 of the USA. Attempts are also made to examine asymmetric volatility spillover, first, between the Indian stock market and other domestic financial markets and second, between the Indian stock market and global stock markets (represented by Nikkei and S&P 500) along with the foreign exchange market. To measure linear interdependence among multiple time series of financial markets multivariate Vector Autoregression (VAR) analysis, Granger causality test, impulse response function and variance decomposition techniques are used. For estima-ting the volatility spillover among the aforesaid markets Dynamic Conditional Correlation-Multivriate-Threshold Autoregressive Condi-tional Heteroscedastic (DCC-MV-TARCH) (1, 1) model is applied on daily data for a quite long period of time from 01 April 1996 to 31 March 2012. The results of multivariate VAR analysis, Granger causality test, variance decomposition analysis and impulse response function estimation establish significant interdependence between domestic stock market and different other financial markets in India and abroad. The results of DCC-MV-TARCH (1, 1) model estimation further show signi- ficant asymmetric volatility spillover between the domestic stock market and the foreign exchange market and also from the domestic stock market to bullion market and changes in gross volume of FII trade. We also find (a) both way asymmetric volatility spillover between the domestic stock market and the Asian stock market and (b) its unidirectional movement from the world stock market to the domestic stock market. The results of the study may help market regulators in setting regulatory policies considering the inter-linkages and pattern of volatility spillovers across different financial markets. JEL Classification: G15, G17
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Babecký, Jan, Luboš Komárek, and Zlatuše Komárková. "Convergence of Returns on Chinese and Russian Stock Markets with World Markets: National and Sectoral Perspectives." National Institute Economic Review 223 (February 2013): R16—R34. http://dx.doi.org/10.1177/002795011322300103.
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Interest in examining the financial linkages of economies has increased in the wake of the 2008/9 global financial crisis. Applying the concepts of beta- and sigma-convergence of stock market returns, we assess changes over time in the degree of stock market integration of Russia and China with each other, as well as with respect to the United States, the Euro Area, and Japan. Our analysis is based on national and sectoral data spanning the period September 1995 to October 2010. Overall, we find evidence for gradually increasing convergence of stock market returns after the 1997 Asian financial crisis and the 1998 Russian financial crisis. Following a major disruption caused by the 2008/9 global financial crisis, the process of stock market return convergence resumes between Russia and China, as well as with world markets. Notably, the episode of sigma-divergence from the 2008/9 crisis is stronger for China than for Russia. We also find that the process of stock market return convergence and the impact of the recent crisis have not been uniform at the sectoral level, suggesting the potential for diversification of risk across sectors.
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Tubolec, I. I., and O. V. Tkalich. "GLOBALIZATION OF INTERNATIONAL FINANCIAL MARKETS." Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series: Economics and Management in the Oil and Gas Industry), no. 1(19) (May 21, 2019): 133–41. http://dx.doi.org/10.31471/2409-0948-2019-1(19)-133-141.
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The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.).
The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management.
It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever".
We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization.
It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.